The housing market has fluctuated


The Housing Market In 2015 has fluctuated in past years and decades. Due to this phenomenon, it’s hard to say when the best time to buy a home or refinance is. Forecasts are very helpful, however, and can help prospective homebuyers know what to expect as they head out into the market to consult with mortgage companies and other lenders. This year, prices have increased slightly. Home prices in 2014 went up in price as well. Furthermore, as the year progresses, this trend is expected to continue. An increase in price is of course good news for sellers, but not all buyers are as thrilled. Overall, Realtor.com expects prices to go up as much as four to five percent. Home owning, as a result of this price increase, will be less affordable than in the past, which is why it’s now more important than ever before to secure a competitive rate. Another interesting fact about the housing market is that builders are expected to shift to building cheaper, new homes throughout this year because the demand for these types of homes is increasing. Many experts predict that prices will level out and become more stable as the year progresses. With fewer homes being sold, sellers will need to provide some consistency for their potential investors. More homes wanting to be sold for a higher rate will put power in the buyer’s hands. Mortgage companies play a very crucial role in finding homebuyers the best rate. As good rates become scarce, the mortgage companies with the greatest capacity to help their customers will find themselves with more business. Luckily, there are trustworthy mortgage companies that help their clients to the best of their ability no matter the status of the housing market. 2015 is also projected to be the year that Millennials will overtake Generation X in regard to home sales. Although this generation has been slower to jump into the housing market than expected, experts assume that this is because people are putting off marriage and children, which are the biggest factors that play into home purchasing. Rent is projected to increase more quickly than prices on homes. This will potentially influence many who would normally be renting an apartment to consider buying a home with a more stable monthly payment. Overall, 2015 looks to be a year of change for the housing market. Many people who are looking to purchase a home could find this year to be a good year. Today’s housing market is a buyer’s market and now is a great time to meet with mortgage companies and get into a new home. Nate Myers is a finance writer reporter for Fusion 360, a Content Marketing Agency. Information provided by Castle and Cooke Mortgage.

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